STP Realty

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🇺🇸 What Is an Assumable VA Loan?
An assumable VA loan means a buyer can take over (“assume”) the seller’s existing VA mortgage — including the same interest rate, repayment term, and balance — instead of applying for a brand-new loan.
So, if a veteran bought their home at a 2.75% rate in 2021, a buyer today could assume that loan and enjoy the same low rate — even though current rates might be 6%+.
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💰 Why It’s a Big Deal
1. Massive Interest Savings:
Assuming a low-rate VA loan can save a buyer hundreds per month and tens of thousands over the life of the loan.
Example: A 2.75% loan vs. a 6% loan on a $350K home can mean a difference of over $800/month.
2. Lower Closing Costs:
Because it’s not a brand-new mortgage, there are usually fewer fees.
3. Transferable Terms:
The same loan amount, remaining term, and balance transfer — it’s literally stepping into the seller’s shoes.
4. Marketing Power for Sellers:
Advertising “Assumable VA Loan at 2.75%!” grabs attention fast and can help homes sell quickly.
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⚙️ How It Works
The buyer must qualify with the servicing lender (not VA directly).
The lender reviews credit, income, and debt-to-income ratios just like any other loan.
The buyer assumes the remaining loan balance.
If the purchase price is higher than the loan balance, the buyer pays the difference — either in cash or with a secondary loan.
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⚠️ Key Details Veterans Need to Know
1. Entitlement Protection:
If the buyer is also a veteran using their VA entitlement, the seller’s entitlement is restored after assumption.
If the buyer is not a veteran, the seller’s entitlement stays tied up in that loan until it’s paid off or refinanced.
2. VA Approval Required:
The VA or the lender servicing the loan must approve the assumption before closing.
3. Equity Gap:
Just like FHA assumptions, if the seller has a lot of equity, the buyer must make up the difference.
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✅ Bottom Line
Assumable VA loans are an incredible opportunity for both buyers and sellers:
Buyers: Get a rare low-rate loan in a high-rate market.
Sellers: Gain a huge marketing edge and potentially faster offers.
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Disclaimer: I am not a Mortgage Professional.
I am Real Estate Professional that wants to make sure my potential clients are educated and aware of their options.

Stacy Phillips, REALTOR
LPT Realty
850-449-6075
[email protected]

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